July 20, 2024, Saturday

Nepal-Myanmar Trade Relations: Promoting Software Business

Nepal-Myanmar Trade Relations: Promoting Software Business

The Embassy of Nepal, Yangon organized an event “Nepal-Myanmar Trade Relations: Promoting Software Business” at Chatrium Hotel, Yangon today. The event aimed to promote Nepal’s emerging IT sector – software development and digital services as a potential sector for collaboration between Nepal-Myanmar by bringing relevant stakeholders from Nepal and Myanmar together.

The one-day event comprised of two parts: first part (10a.m-12-p.m) consisted of remarks by Ambassador of Nepal, Chief Minister of Yangon Region, President of Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) and Deputy Governor of Central Bank of Myanmar. The program also included presentation by Myanmar Digital Economy Association (MDEA), and representatives from FinTech Alliance highlighting digital services and information technology scenario in Myanmar and Nepal respectively. The second part (12:30-4:30pm) consisted of showcasing of products and services by Nepali IT companies in the exhibition stalls.

Welcoming the participants Ambassador Mr. Harishchandra Ghimire highlighted objectives of the program and shared the progress made by Nepal’s IT sector in recent years. Commending maturing Nepal’s IT products and services, he mentioned that Nepal’s banking and fintech sectors are fully reliant on solutions developed domestically. Ambassador Ghimire further stated that the Government of Nepal attaches high importance to IT and software production and has recently announced IT Decade with ambitious target of increasing export to USD 25 billion from current USD 500 million with creation of nearly 1.5 million jobs in the sector within a decade. Furthermore, he highlighted the significance of this event in strengthening Nepal-Myanmar service trade by complementing each other’s IT and Fintech-related products and services for mutual benefit, fostering a network of entrepreneurs, and offering essential services.

Similarly, Chief Minister of Yangon Region His Excellency U Soe Thein emphasized the relevance of the event in modern digital world and congratulated the Embassy team for the initiation. Welcoming the participating Nepali IT companies to Myanmar, he expressed his commitment for facilitating collaboration between IT sectors of the two countries.

In his remarks, President of UMFCCI U Aye Win commended on the progress of Nepali IT sector on businesses, process and outsourcing. He underscored that the digital transformation is no longer optional rather critical for survival of business. He ascertained that the event will be instrumental in identifying trade service challenges, matching software demand with supply and expanding potential application of relevant software in banking, microfinance and remittance sector of Myanmar.

Mr. Bhesh Raj Khatiwada, a Nepali expat currently serving as Chief Executive Officer of Myanmar Citizens Bank sharing his experience, identified existing gap in IT and digital service in Myanmar and urged Nepali companies to grasp the opportunities.

Similarly, Mr. Aung Zayar Lwin, Joint Secretary General of UMFCCI and the president of the Myanmar Digital Economy Association (MDEA) emphasized on Myanmar Government’s vision

of “Digital Myanmar” and mentioned that Nepali companies can match Myanmar’s demand with their key workforce and competitive development costs.

The representatives from FinTech Alliance highlighted recent growth of IT service export (ITes) industry of Nepal, briefly described various services catered by Nepali IT companies, and presented profile of Nepali IT companies who participated in the event. They also expressed desire of Nepali IT companies to collaborate to develop appropriate technology for facilitating digital growth in Myanmar.

The Deputy Governor of Central Bank of Myanmar Dr. Lin Aung, the key note speaker and chief guest of the event, took keen interest in core banking software, wallets, compliance solution, KYC management solution, remittance software, Paying-Receiving API, software Microfinance institutions and Cooperatives, mobile banking software that were showcased by Nepali IT companies.

The major objective of the event was information dissemination among representatives of business circle, IT companies, banks, microfinance and financial institutions of Myanmar. The event also aimed to explore prospects for expansion of Nepali IT products and services and establish links between relevant sectors of two countries. Thus, in the afternoon event 13 Nepali companies- BitsKraft Pvt. Ltd., City Express Group of Companies (CityTech), Digital Age Nepal Pvt. Ltd., Inficare P Ltd, Info Developers Pvt. Ltd, imark Private Limited, IMS Software Private Limited, Khalti Pvt Ltd. Products, One-point Financial Services, Silk Innovation, Synergy Tech Software Pvt. Ltd, Techmind Solution and mbank Technologies showcased their products in the exhibition booths.

Officials from central bank of Myanmar, Myanmar Banks Association, private banks, microfinance intuitions, insurance and remittance companies, representatives from UMFCCI, Myanmar Women Entrepreneur Network, Myanmar Digital Economy Association were present at the event. Similarly, other attendees were IT companies, entrepreneur groups, and IT professionals. Altogether 200 people from various organizations attended the event. The event being first of its kind was highly appreciated and praised by the participants.